Weighing In on Employee Benefit Plans
- 40 percent plan to maintain current benefits.
- 30 percent plan to maintain current benefits by shifting costs to employees.
- 10 percent plan to reduce benefits.
- 20 percent have other plans, while 10 percent are unsure.
- 75 percent said they believe that potential holes in Social Security and Medicare safety nets could cause employees to look to the workplace for help.
- 54 percent agree that if that were to happen, it would create a responsibility to maintain, if not expand retirement benefits.
- 41 percent say that offering voluntary benefits is an important strategy (up from 32 percent last year). In addition, more employers say they're building a generational perspective into their benefits programs.
- 49 percent say they count on their employer to help them gain financial security through benefits such as dental, disability, and life insurance.
- 66 percent of Generation Y employees say that economic conditions are causing them to look seriously at achieving financial security through employee benefits.
- 50 percent of employees said that getting insurance products through the workplace is easier than elsewhere.
- 87 percent of employees who have disability income protection, and 64 percent who have life insurance, said they got the insurance through their employer.
- 33 percent say they think the economy will cause their employers to reduce benefits.
- 63 percent of employees said they "strongly agree" that they must accept great individual responsibility for their financial security, even though more than ever before, they're turning to employers for help meeting this challenge.
- 61 percent who are "very satisfied" with their benefits say they have a strong sense of loyalty to their employers, while 24 percent who are dissatisfied with their benefits say they don't have a strong sense of loyalty.
- 48 percent of those who are very satisfied with their benefits believe their employer has a sense of loyalty toward them, while 12 percent who are unhappy with their benefits say they don't feel their employer has a sense of loyalty toward them.
On that same issue, the survey shows that employers continue to be out of step when it comes to recognizing which benefits create feelings of loyalty in their employees, and they undervalue the significance of such benefits as life, dental, disability, and vision insurance.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.